HRM 3400 Lecture Notes - Lecture 30: Cost Accounting
23 May 2018
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HRM 3400 Lecture 30 Notes – Improved Access to Data for Operational Decision Making
Introduction
• ERP offers integrated software from a single vendor to help meet those needs.
• The primary benefits of implementing ERP include improved access to data for
operational decision making, elimination of inefficient or outdated systems,
improvement of work processes, and technology standardization.
• ERP vendors have also developed specialized systems for specific applications and
market segments.
• ERP systems operate via an integrated database, using one set of data to support all
business functions.
• The systems can support decisions on optimal sourcing or cost accounting, for instance,
for the entire enterprise or business units from the start, rather than gathering data
from multiple business functions and then trying to coordinate that information
manually or reconciling data with another application.
• The result is an organization that looks seamless, not only to the outside world but also
to the decision makers who are deploying resources within the organization.
• The data is integrated to facilitate operational decision making and allows companies to
provide greater customer service and support, strengthen customer and supplier
relationships, and generate new business opportunities.
• Flambeau produces a wide range of plastic products and employs thousands of workers
in eight manufacturing locations worldwide.
• It has grown through acquisition, and out of necessity was running multiple, disparate
legacy information systems that drew data from multiple databases.
• The firm had to resort to the use of spreadsheets to manually track critical business
information used for cost and inventory control.
• This inevitably led to errors and poor decision making.
• Finally the company implemented an ERP system to deliver timely, consistent data for
both production and financial management purposes.
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